Cloudflare, Inc. $NET Shares Purchased by Whittier Trust Co.

Key Points

• Whittier Trust Co. increased its stake in Cloudflare by 30.9%, buying an additional 73,684 shares to hold 312,245 shares worth $61.83 million, and institutional investors now own 82.68% of the company.
• Cloudflare beat expectations with Q results of $0.28 EPS vs. $0.27 expected and revenue of $614.51M vs. $591.67M (up 33.6% YoY), but the company remains unprofitable with a negative net margin (-4.72%) and negative ROE (-7.24%).
• Insiders have been net sellers, disposing of 572,965 shares worth about $111.41M over the past 90 days (including sales by the CFO and co‑founder), though insiders still hold 10.89% of the stock.

Whittier Trust Co. boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 30.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 312,245 shares of the company's stock after acquiring an additional 73,684 shares during the quarter. Whittier Trust Co. owned 0.09% of Cloudflare worth $61,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Reliant Investment Partners LLC raised its position in Cloudflare by 1.5% in the third quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company's stock valued at $718,000 after purchasing an additional 50 shares during the period. Frank Rimerman Advisors LLC raised its position in Cloudflare by 1.8% in the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company's stock valued at $605,000 after purchasing an additional 51 shares during the period. Brown Brothers Harriman & Co. raised its position in Cloudflare by 55.4% in the third quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company's stock valued at $34,000 after purchasing an additional 56 shares during the period. Silver Oak Securities Incorporated raised its position in Cloudflare by 5.5% in the fourth quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company's stock valued at $218,000 after purchasing an additional 57 shares during the period. Finally, Bogart Wealth LLC raised its position in Cloudflare by 28.0% in the third quarter. Bogart Wealth LLC now owns 270 shares of the company's stock valued at $58,000 after purchasing an additional 59 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Stock Up 3.8%

Shares of Cloudflare stock opened at $197.32 on Friday. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The firm has a market cap of $69.45 billion, a P/E ratio of -680.38 and a beta of 1.87. Cloudflare, Inc. has a fifty-two week low of $100.25 and a fifty-two week high of $260.00. The business has a 50-day moving average price of $195.94 and a 200 day moving average price of $201.13.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.Cloudflare's quarterly revenue was up 33.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.19 earnings per share. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on NET. DZ Bank raised Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a research report on Friday, February 13th. New Street Research set a $140.00 price objective on Cloudflare in a research report on Wednesday, February 11th. UBS Group reaffirmed a "neutral" rating and set a $220.00 target price on shares of Cloudflare in a research report on Wednesday, February 11th. Robert W. Baird set a $260.00 target price on Cloudflare and gave the stock an "outperform" rating in a research report on Wednesday, February 11th. Finally, Zacks Research raised Cloudflare from a "strong sell" rating to a "hold" rating in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $232.62.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the transaction, the chief financial officer directly owned 85,452 shares in the company, valued at $15,812,038.08. The trade was a 32.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Zatlyn sold 35,080 shares of Cloudflare stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares of the company's stock, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 572,965 shares of company stock worth $111,409,912 over the last ninety days. Company insiders own 10.89% of the company's stock.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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